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Kiir directs central bank boss to stabilize the economy

Author: Okot Emmanuel | Published: Wednesday, May 5, 2021

Central Bank Governor Dier tong | Credit | Emmanuel Akile/Eye Radio

President Salva Kiir has directed the central bank and the revenue generating institutions to continue to ensure that the pound strengthens against the dollar.

As of 4th May, 2021, $1 sells at about 450 pounds, about 27 percent gain over the last few weeks.

Weeks ago, $1 was selling at about 620 pounds at the black market.

This follows weekly auctioning of 5 million dollars in an attempt to lower the demand for dollar.

President Kiir acknowledge the significant strength the pounds had gain in the recent weeks against the dollars.

He however told the central bank governor and the newly reconstituted and appointed Members of Nilepet Board of Directors to work toward ensuring that the South Sudanese pounds get back to its strength when the country just got her independence or even more.

In 2011 a $1 used to sells at about 2.5 South Sudanese pounds.

President Kiir was speaking on Tuesday during the swearing in of the newly reconstituted and appointed Members of Nilepet Board of Directors.

“In the last few days we have made somehow to smile because of the strength of our pounds that it is gaining over the dollar,” President Kiir said.

I want you to continue to sustain that so that the South Sudanese pounds comes back to where it stood. It (pound) was almost one to one when we gain our independence.”

“I want you to strengthen the South Sudanese pounds where it was when we gain our independence or even much more stronger than that.”

In response, the governor of the Bank of South Sudan, Dier Tong assured the president to stabilize the economy.

“We wanted really to continue the policies we have initiated, not just to continue but to sustain them because economy doesn’t want this movement burst,” said the governor of central bank of South Sudan.

“We don’t want exchange rate to strengthen today and tomorrow drop, that will disturb the economy, economy need stability and with the peace that we are enjoying in the country.”

“It is our role in the economic sector to make sure that we stabilize the economy and when the economy stabilizes definitely growth will come and our people can enjoy the fruit of the peace.”

However, last month an economist cast doubts over the impact of the South Sudanese Pound gaining against the U.S dollar.

Ahmed Morgan says although the dollar is weakening against the pound, the factors hindering economic recovery remain the same.

He cites the lack of a diversified economy as witnessed in the skyrocketing prices of commodities.

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